Barclays analyst Mathieu Robilliard upgraded Iridium Communications to Overweight from Equal Weight with a price target of $65, down from $66. The company reported another solid quarter and reiterated fiscal year guidance but the stock fell sharply as management indicated the upcoming direct-to-device revenue opportunity would take time to grow, the analyst tells investors in a research note. However, this is in line with Barclays’ expectations, and as such, the firm now considers Iridium’s risk/reward attractive.
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